智通财经网·2025-10-17 09:22Group 1 - The core factors influencing the financial performance and valuation of Chinese internet-listed companies in the next 6 to 12 months include artificial intelligence, macro environment, competitive landscape, regulatory policies, shareholder return execution, and Sino-U.S. relations [1] - In the current volatile market environment, a relatively defensive asset allocation strategy is recommended, with a priority ranking for short-term investments as follows: Tencent Holdings (00700) > NetEase-S (09999) > JOYY (JOYY.US) > Tencent Music-SW (01698) [1] - Bilibili-W (09626) is also recommended due to its potential significant revenue and earnings upside from the game "Three Kingdoms: Ncard," expected to launch its first paid test on October 23, 2025, and officially release during the Lunar New Year in 2026 [1] Group 2 - Tencent is expected to report robust third-quarter results, with total revenue projected to grow by 14% year-on-year, driven by strong gaming and online advertising businesses, and adjusted operating profit reaching 73 billion RMB, a 20% increase [2] - The company is strengthening its core capabilities through focused and efficient operational execution, integrating artificial intelligence into its WeChat ecosystem, effectively addressing macro and systemic headwinds [2] - Alibaba's firm AI strategy is noted, with attention on the dynamics of its core e-commerce business during the Double Eleven shopping festival, as the cloud business is expected to accelerate growth in the quarter ending September [2]